MarketWatch - April 2, 2006
KarstadtQuelle, the troubled German retail group, plans to sell further properties, including its headquarters building, on top of a €4.5bn ($5.45bn) deal last week as part of sweeping restructuring measures that will all but end its days as a property owner.
A further €600m worth of properties have been lined up for sale by the end of the year, including the KarstadtQuelle 1960s head office building in Essen, the company confirmed on Sunday. Details of a first package to be sold would be announced within the next two weeks.
The latest sell-offs would leave the group with "hardly anything" in its property portfolio, the company said. KarstadtQuelle operates one of Germany's best-known high-street department store chains, as well mail-order businesses.
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